The collapse of Chinese property giant Evergrande will be contained before it will significantly affect the Australian economy, Prime Minister Scott Morrison said. “When it comes to Evergrande, this is principally an issue in China, and that addresses their financial stability,” Morrison told reporters in Washington D.C. ahead of the Quad Summit. Morrison discussed the…

Australia recorded its highest account surplus over the June quarter on the back of iron ore exports while domestic economic activity also increased. The Australian Bureau of Statistics (ABS) released figures on Tuesday that said Australia’s current account surplus increased by $1.5 billion (U.S.$1.1 bn) to a record $20.5 billion (U.S.$15 bn) in the June…

Australia recorded its highest account surplus over the June quarter on the back of iron ore exports while domestic economic activity also increased. The Australian Bureau of Statistics (ABS) released figures on Tuesday that said Australia’s current account surplus increased by $1.5 billion (U.S.$1.1 bn) to a record $20.5 billion (U.S.$15 bn) in the June…

Beijing’s attempts to pivot their iron ore supply chains away from Australia to Africa appear to be taking shape with the signing of a major deal that will likely grant a Chinese-linked mining firm AustSino access to the massive Mbalam-Nabeba Iron Ore project. The deal comes seven months after Australian and British mining firms were…

Australian iron ore exporters aren’t feeling any effects of Beijing’s ongoing economic sanctions against Australian exports, as China’s colossal demand for the mineral drive prices up to a 10-year high. Rio Tinto, an iron export giant, said their Australian iron ore assets had excellent operating performance in the first quarter of 2021. In the report…

Steelmaker Molycop has warned it could lay off 300 jobs—over half of its Australian workforce—if the Anti-Dumping Commission does not agree to raise tariffs on Chinese competitors. President of Molycop’s Australian branch, Michael Parker, told The Australian that the company would consider ending local steel production and instead manufacture their products with cheap Chinese imported…